Medtronic plc (NYSE:MDT) Expected to Announce Earnings of $1.39 Per Share

Analysts expect that Medtronic plc (NYSE:MDTGet Rating) will announce earnings per share (EPS) of $1.39 for the current quarter, Zacks reports. Ten analysts have provided estimates for Medtronic’s earnings, with the highest EPS estimate coming in at $1.50 and the lowest estimate coming in at $1.32. Medtronic reported earnings per share of $1.41 in the same quarter last year, which would indicate a negative year over year growth rate of 1.4%. The company is expected to announce its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that Medtronic will report full-year earnings of $5.70 per share for the current financial year, with EPS estimates ranging from $5.53 to $5.80. For the next fiscal year, analysts forecast that the firm will report earnings of $6.27 per share, with EPS estimates ranging from $5.93 to $6.60. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side analysts that cover Medtronic.

Medtronic (NYSE:MDTGet Rating) last issued its quarterly earnings results on Thursday, May 26th. The medical technology company reported $1.52 earnings per share for the quarter, missing the consensus estimate of $1.56 by ($0.04). Medtronic had a return on equity of 14.57% and a net margin of 15.46%. The business had revenue of $8.09 billion during the quarter, compared to analysts’ expectations of $8.43 billion. During the same quarter in the previous year, the company posted $1.50 earnings per share. The company’s quarterly revenue was down 1.2% compared to the same quarter last year.

Several research firms have commented on MDT. Needham & Company LLC downgraded Medtronic from a “buy” rating to a “hold” rating in a report on Friday. Cowen raised their price objective on Medtronic to $125.00 in a report on Monday, May 23rd. Citigroup reduced their price objective on Medtronic from $120.00 to $117.00 and set a “buy” rating on the stock in a report on Friday. StockNews.com began coverage on Medtronic in a report on Thursday, March 31st. They set a “buy” rating on the stock. Finally, SVB Leerink restated a “market perform” rating on shares of Medtronic in a report on Wednesday, April 13th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Medtronic currently has a consensus rating of “Buy” and a consensus price target of $123.52.

Shares of NYSE MDT opened at $99.08 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.10 and a current ratio of 2.61. The business’s 50 day moving average price is $106.97 and its 200-day moving average price is $107.03. Medtronic has a fifty-two week low of $96.86 and a fifty-two week high of $135.89. The company has a market cap of $132.92 billion, a price-to-earnings ratio of 27.29, a PEG ratio of 2.34 and a beta of 0.74.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Friday, June 24th will be given a $0.68 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.63. The ex-dividend date is Thursday, June 23rd. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.75%. Medtronic’s dividend payout ratio (DPR) is presently 69.42%.

In other Medtronic news, SVP Carol A. Surface sold 6,000 shares of Medtronic stock in a transaction dated Friday, March 11th. The stock was sold at an average price of $105.30, for a total transaction of $631,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Karen L. Parkhill sold 682 shares of Medtronic stock in a transaction dated Friday, March 18th. The stock was sold at an average price of $110.00, for a total value of $75,020.00. The disclosure for this sale can be found here. 0.47% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Medtronic by 6.5% during the 1st quarter. Vanguard Group Inc. now owns 120,557,488 shares of the medical technology company’s stock valued at $13,375,853,000 after buying an additional 7,403,778 shares during the last quarter. BlackRock Inc. raised its stake in shares of Medtronic by 4.7% during the 4th quarter. BlackRock Inc. now owns 107,903,362 shares of the medical technology company’s stock valued at $11,162,603,000 after buying an additional 4,883,180 shares during the last quarter. State Street Corp raised its stake in shares of Medtronic by 0.9% during the 1st quarter. State Street Corp now owns 58,504,184 shares of the medical technology company’s stock valued at $6,527,226,000 after buying an additional 529,855 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Medtronic by 0.5% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 45,408,187 shares of the medical technology company’s stock valued at $4,697,477,000 after buying an additional 217,800 shares during the last quarter. Finally, Lazard Asset Management LLC raised its stake in shares of Medtronic by 4.9% during the 4th quarter. Lazard Asset Management LLC now owns 25,370,323 shares of the medical technology company’s stock valued at $2,624,558,000 after buying an additional 1,196,593 shares during the last quarter. Institutional investors and hedge funds own 80.23% of the company’s stock.

About Medtronic (Get Rating)

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit. The Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; AF ablation products; insertable cardiac monitor systems; mechanical circulatory support; TYRX products; and remote monitoring and patient-centered software.

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